TON Coin Price Falls Over 2% After Hitting an All-Time High Last Week, Worrying Investors

TON coin saw a plunge in prices on Wednesday, worrying investors about the future trajectory of the coin. The downfall in the trading comes after the coin had previously hit an all-time high-level last week.

The price of TON coin took a hit on Wednesday, leaving investors wondering what the future holds for the coin. The drop in trading comes after the coin hit an all-time high last week.

TON Price Drops Over 2%

The price of TON coin has fallen sharply in the two weeks since its launch. The coin’s value saw a sharp correction with a 2.5% drop on Wednesday. Despite the coin’s initial high numbers, its price has dropped 34.2%.

Earlier, TON surpassed both Cardano (ADA) and Shiba Inu (SHIB) to become the ninth-largest cryptocurrency project by market capitalization, Bankless Times reported.

The value of TON’s circulating supply is now nearly $17 billion, which is higher than ADA (at $13.7 billion) and SHIB (at $10.7 billion), which are ranked 10th and 11th, respectively, according to CoinMarketCap data.

Moreover, the number of daily active addresses on Telegram’s “The Open Network” (TON) blockchain has surpassed that of Ethereum, owing to the platform’s massive 900 million users. Some of the factors attributed to the surge include Telegram Stars, Notcoin, and the integration of the Tether (USDT) stablecoin.

Will TON Coin Price Go Up Again?

Investors and crypto enthusiasts who joined the bandwagon with high expectations expressed concerns. While price corrections may seem alarming, they are a natural part of the journey for any asset, including TON coin.

The initial excitement for a new project can drive prices higher, but it’s common for this pent-up energy to be released and for prices to adjust on their own.

Now, market participants are left wondering whether the prices will continue to rise or if the coin will see dull trading sessions once again.

At the last estimation, the TON coin price is expected to reach a maximum of $23.01 by July 19, 2024, with an average trading price of $17.97. According to technical indicators, the Fear & Greed Index is currently at 64 (Greed), and the overall sentiment is Neutral.

Over the last 30 days, the TON coin had 15 out of 30 (or 50%) green days and 8.04% price volatility. Currently, there is a neutral overall sentiment for Toncoin price prediction, with 18 technical analysis indicators suggesting bullish signals and 12 suggesting bearish signals.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ton-coin-price-falls-hitting-time-week-worrying-investors.html

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